CompareFirst personal loan connection service review

30 October 2018

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Does this sound familiar: You’re just out of college, and it’s time to settle into real life. Adulting is great and all, but it’s so much more expensive than you expected. You might want to consider taking out a loan to offset the immediate impact of those initial costs of moving to a new city, buying a new apartment or even paying off old debts.

A loan connection service like CompareFirst could be a help by simplifying the process and getting you funds fast. But consider your options carefully to make sure you get the best offer you’re eligible for.

What makes CompareFirst unique?

CompareFirst is designed to save you time when looking for a loan — without having to sacrifice comparing lenders. Fill out its quick application, and you’ll get quotes from several lenders in a matter of seconds. And you might find a loan even if your credit isn’t stellar — the cutoff credit score is only 580.

Though you can use a CompareFirst loan for almost any legitimate purpose, it’s possibly best for young adults who are just getting their finances together. Aside from saving time, it helps first-time borrowers understand what they’re getting into.

What is CompareFirst?

CompareFirst is a service that connects you with lenders in its network. Founded in 2016 by a team of consumer credit experts, it’s focused on speeding up the loan application process while allowing borrowers to compare their options.

It’s powered by Backed Inc., a direct lender that specializes in cosigned loans to help young adults build their credit with the help of their parents.

What are the benefits of CompareFirst?

Low credit score OK. You only need a FICO score of 580 to qualify for a loan through CompareFirst.

What to watch out for

Loan connection services typically make their money each time they connect you with a partnered lender, and CompareFirst is no different. This means you’re limited to what its partner pool offers.

Unlike some lenders, CompareFirst is relatively up front about this. Still, you might find a better deal out there on your own.

Limited website. CompareFirst’s website is barebones, and it doesn’t display much information about the company or loan offers on its pages or in the fine print.

No customer service phone line. The only way to contact CompareFirst is through an email form, which could take a while to hear back compared to a phone call.

No loan term information until after you apply. You can’t get an idea of the exact loans you’ll choose from before handing over your Social Security number and other personal information.

Few other resources. Most connection services provide educational resources about loan types and useful terminology to help you figure out what loan type might be best for you. CompareFirst offers a few general advice articles on things like home expenses and debt freedom.

Almost no online presence. CompareFirst might be so new that nobody’s written about their experiences with it yet.

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What does the Internet say about CompareFirst?

CompareFirst is relatively new, so there’s almost nothing about it online. Its parent company, Backed Inc., a direct lender specializing in cosigned loans, has a slightly larger footprint.

Backed Inc. earns an A- rating with the Better Business Bureau, though it’s not accredited. You’ll find no customer reviews or complaints filed against it, but the BBB did raise concerns in 2016 about unsubstantiated advertising claims concerning how much lower CompareFirst’s rates were than its competitors’ rates.

Neither CompareFirst nor Backed Inc. have Trustpilot reviews yet.

Am I eligible?

To meet CompareFirst’s basic requirements, you must:

Have a personal credit score of 580 or higher.

Make at least $35,000 per year.

Be at least 18 years old.

Be an American citizen or permanent resident.

Keep in mind that you might need to meet other requirements, depending on the lender you’re connected with. Common requirements include a steady income and a debt-to-income ratio of 43% or lower.

How do I apply?

Once you’re sure you meet CompareFirst’s eligibility requirements, you’re ready to apply for a loan.

If you’ve met any of its lenders’ basic requirements, you should receive a message that you’re matched with an invitation to prequalify. To get started on the prequalification application, click Get Started.

Follow the directions to complete required fields with information like your name, level of education, housing status and Social Security number before submitting your application.

CompareFirst’s algorithm connects you with lenders that fit your loan request and financial situation. CompareFirst then shares your personal information with lenders. After a few minutes, you could potentially receive several quotes from different loan providers.

Pick the quote that best suits your needs and finish the loan application process directly with the lender.

Sign up for autopay if you can (some lenders require it) to take the worry out of remembering your monthly repayments. But don’t forget about your loan altogether — stay up to date on your loan balance and personal bank account. Contact customer service if you notice something that doesn’t look right, like a double charge on an automatic payment.

Take advantage of any perks offered by your lender. Many offer a discount on interest for signing up for autopay. Backed Inc. offers a chance to refinance your loan after 12 months for better rates if your credit improves.

Bottom line

CompareFirst simplifies the lending process for first-time borrowers, allowing you to choose your lender and get your money fast. But use caution: CompareFirst is a new service with little online presence. Be sure to read the fine print before you accept any loan.

Frequently asked questions

No. CompareFirst doesn’t conduct a hard credit pull on your credit when you complete its application. Your credit score is typically only affected once you decide to fully apply for a specific loan.

Yes. CompareFirst shares your personal information with partners that you’ve been connected with so they can give you a free quote. This is standard practice for loan-connection services, but CompareFirst’s privacy policy states it’s not responsible for what happens once your info gets to third-party sites.

You might, but rates aren’t guaranteed. Once you apply, your lender pulls a hard credit check, which could unearth information that adversely affects your interest rate, for example. Ultimately, you might not be approved for those loans at all.

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